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Rupee recovers amid dollar selling by banks

13 Dec 2012 Evaluate

Indian rupee recovered against dollar on Thursday amid selling of the U.S. currency by exporters and banks. Domestic currency has appreciated by additional capital inflows and investors expect more inflows as Thursday is the last day for institutional buyers to invest in the Bharti Infratel IPO. Moreover, NMDC's $1.1 billion share sale on Wednesday was 30% addressed by foreign investors. Meanwhile, strengthening of euro against the U.S. dollar overseas also supported the local unit.

The partially convertible currency is currently trading at 54.20, stronger by 12 paise from its previous close of 54.32 on Wednesday. The currency has touched a high and low of 54.22 and 54.10 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.27 and for Euro it stood at Rs 70.54 on December 12, 2012. While, the RBI’s reference rate for the Yen stood at 65.66, the reference rate for the Great Britain Pound (GBP) stood at 87.4276. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date

1US$

1GBP

December 12, 2012

54.27

87.4276

December 11, 2012

54.31

87.3619

(RBI-reference rate)

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